Allianz takes stake in German offshore wind project
Allianz has bought a 16.6% stake in an offshore wind farm project in Germany that will supply 1.1 million households with clean energy when built.
The transaction is expected to close in the third quarter of this year and marks Allianz’s first investment in German offshore wind.
Allianz has bought a joint 49.9% stake in the planned 960MW He Dreiht wind farm with Norges Bank Investment Management and AIP Management. The consortium bought the minority stake from German utility EnBW.
He Dreiht is located in the German North Sea, 85 km off the coast of Emden in Lower Saxony and around 110 kilometers west of Helgoland.
The construction project is due to start in 2024 and the farm is expected to be operational by the end of the following year.
It will be one of the largest offshore wind farms in Germany, consisting of 64 turbines each with an output of 15MW.
EnBW will develop and operate He Dreiht and will offtake the power generated.
“Energy transition and energy security are high on our agenda. Allianz is keen to support the energy transition, which is underlined by our first direct investment into offshore wind in Germany. He Dreiht shall supply around 1.1 million households in Germany with green and safe energy while delivering stable and long-term cash yields for our insurance customers,” said Carsten Quitter, chief investment officer at Allianz Group.
Allianz is invested in more than 100 wind and solar farms. He Dreiht is the insurer’s second offshore wind farm investment. It bought a stake in offshore wind farm Hollandse Kust Zuid in the Netherlands last year.
